Farmington, NM
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Farmington, NM Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Farmington Housing Market Information

With a population of 42,871, 15,207 total housing units (homes and apartments), and a median house value of $170,082, Farmington real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Farmington, accounting for 64.28% of the city's housing units. Other types of housing that are prevalent in Farmington include mobile homes or trailers ( 17.07%), duplexes, homes converted to apartments or other small apartment buildings ( 8.23%), and a few large apartment complexes or high rise apartments ( 7.43%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Farmington. Owner-occupied housing accounts for 67.00% of Farmington's homes, and 65.22% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Farmington built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Farmington built between 1940-1969 ( 30.45%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.00%).

Vacant housing appears to be an issue in Farmington. Fully 13.61% of the housing stock is classified as vacant. Left unchecked, vacant Farmington homes and apartments can be a drag on the real estate market, holding Farmington real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Farmington Home Appreciation Rates

Real estate appreciation rates in Farmington's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.54% during the period.

Over the last year, Farmington appreciation rates have trailed the rest of the nation. In the last twelve months, Farmington's appreciation rate has been 1.56%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Farmington were at 2.07%, which equates to an annual appreciation rate of 8.56%.

Importantly, this makes Farmington one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to New Mexico, our data show that Farmington's latest annual appreciation rate is lower than 80% of the other cities and towns in New Mexico.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Farmington differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Farmington - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Farmington real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$170,082

Farmington, NM HOME PRICES

Value Range
> $1,041,000 0.4
$780,001 - $1,041,000 0.2
$520,001 - $780,000 2.5
$416,001 - $520,000 2.3
$312,001 - $416,000 8.6
$208,001 - $312,000 19.3
$104,001 - $208,000 40.7
$52,001 - $104,000 11.6
$0 - $52,000 14.6

High for NM
Average for Nation

Value Relative to Nation Value Relative to State
41.6383452478612 27.5862068965517

Number Of Homes And Apartments:
15,207

Farmington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NM*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
56.20% 2.62% 6 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$938 / per month

Homeownership Rate

Homeownership
Owners 67.00
Renters 33.00
Vacant 13.61

Housing Market Details

 

Age of Homes

AGE OF Farmington HOMES
2000 or Newer 15.0
1970 - 1999 53.8
1940 - 1969 30.4
1939 or Older 0.8

Types of Homes

TYPE OF Farmington HOMES
Single-Family 64.3
Townhomes 2.8
Small Apt. Buildings 8.2
Apt. Complexes 7.4
Mobile Homes 17.1
Other 0.2

Home Size

SIZE OF Farmington HOMES
No Bedroom 2.36
1 Bedroom 6.58
2 Bedrooms 22.68
3 Bedrooms 51.33
4 Bedrooms 13.89
5 or more bedrooms 3.16